KUALA LUMPUR – Bursa Malaysia ended the morning trading session on a positive note amidst continued risk-on trades.
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 12.34 points to 1,611.06, with gains seen practically across the board, with the exception of the plantation sector.
The index opened 2.41 points higher at 1,601.13 from yesterday's close of 1,598.72.
It moved between 1,616.62 and 1,599.36 throughout the session.
On the broader market, gainers outpaced losers 726 to 399, while 463 counters were unchanged, 543 untraded, and 25 others suspended.
Volume increased to 6.64 billion units worth RM31.8 billion.
CGS CIMB said the market may remain on a wider consolidation range of 1,550-1,615 until a firmer base has been formed.
“If the index is ready to close above the 1,618-1,625 critical resistance in the days ahead, then we believe that the long-term bull market is underway,” it said in a note today.
“Our model has stayed in risk-on mode despite the recent wild swings.”
CGS CIMB added that investors will continue to look for short and long-term trades for the time being.
Regionally, Singapore’s Straits Times Index rose 0.1% to 2,813.88, Hong Kong’s Hang Seng Index went up 0.56% to 26,682.16, and Nikkei added 0.02% to 26,807.02.
Meanwhile, oil benchmarks Brent crude and West Texas Intermediate turned lower ahead of the Organisation of the Petroleum Exporting Countries and its allies’ meeting to decide on its output policy, which is expected to be announced today.
At noon break, 22 of the top 30 companies listed on FBM KLCI were in positive territory, led by Petronas Chemicals and Maxis which rose 12 sen and 11 sen to RM7.15 and RM5.03, respectively.
Axiata added nine sen to RM3.79 and Top Glove was 10 sen higher at RM6.78.
Among the actives, Bintai Kinden jumped 18.5 sen to RM1.03, while Yong Tai went up four sen to 21 sen, and Kanger International expanded one sen to 18 sen.
On the index board, the FBM Emas Index was 93.11 points higher at 11,654.63, the FBMT 100 Index climbed 89.64 points to 11,407.74, and the FBM Emas Shariah Index gained 110.85 points to 13,441.11.
The FBM 70 surged 127.26 points to 15,097.00 and the FBM ACE jumped 151.73 points to 10,724.85.
Meanwhile, the Industrial Products and Services Index added 2.68 points to 171.03, the Plantation Index dropped 15.13 points to 7,323.99, and the Financial Services Index increased 91.05 points to 14,386.63. – Bernama, December 3, 2020
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